FinancialsJul 15, 2022
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High Jewelry Shines in First Half for LVMH
The luxury conglomerate said Bulgari’s “Eden: The Garden of Wonders” and Tiffany’s “Blue Book” collections set records.
A necklace featuring sapphires, rubies, diamonds, and emeralds from Bulgari’s “Eden: The Garden of Wonders” high jewelry collection. LVMH called out high jewelry collections from Bulgari and Tiffany as particularly strong performers in H1 2022. (Photo © Cho Gi-Seok)
Paris—A strong performance by Tiffany & Co. in the United States and record sales of high jewelry drove were the growth drivers for LVMH’s watch and jewelry brands in the first half of the year.
LVMH Moët Hennessy Louis Vuitton reported Tuesday that revenue in its Watches & Jewelry division grew 22 percent in the first half of the year (16 percent with comparable structure and constant exchange rates, i.e., on an organic basis) to €4.91 billion ($4.98 billion).
Profit from recurring operations was up 26 percent.
In jewelry, Tiffany had an “excellent” first half of the year, LVMH said, driven by U.S. sales, continued demand for the “Knot” collection and record sales of jewelry from “Blue Book,” the retailer’s annual high jewelry release. “Wonder Woman” actress Gal Gadot fronted the campaign for the collection, “Botanica: Blue Book 2022.”
For Bulgari, legacy lines “Bzero1 Classic” and “Serpenti” drove sales growth as did its high jewelry and high watchmaking collection, “Eden: the Garden of Wonders,” and the new “Octo Finissimo Ultra” watch.
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Though jewelry and watches showed growth in the first half, they were not the top sellers for the Paris-based luxury conglomerate.
Sales in the company’s Fashion & Leather Goods division posted the highest revenue and the greatest percentage increase in organic revenue at 24 percent, followed by Selective Retailing, which includes Sephora and DFS. The division posted a 22 percent increase thanks largely to a return to in-store shopping at Sephora.
Overall, LVMH said it had an “excellent first half in a still-disputed environment,” with sales totaling €36.7 billion ($37.13 billion), a 28 percent year-over-year increase (21 percent on an organic basis).
Profit from recurring operations rose 34 percent to €10.24 billion ($10.36 billion).
In the second quarter, revenue was up 27 percent (19 percent on an organic basis) against a strong second quarter in 2021.
LVMH said sales in the U.S. and Europe have risen sharply so far this year, while growth in China has been muted due to the COVID-19 lockdowns in cities like Shanghai.
Commenting on the half-year ahead, LVMH Chairman and CEO Bernard Arnault said: “We approach the second half of the year with confidence but given the current geopolitical and health situation, we will remain vigilant and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2022.”
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